Common use of Security for Defects Liability Period Clause in Contracts

Security for Defects Liability Period. Until the expiry of the Defects Liability Period, the City may retain from the Guarantee an amount equal to 10% of the Attributed Value of the Footpath Works as security for the Developer’s performance of its obligations under this clause 10. The Developer must make any necessary arrangements to allow the provision of the Guarantee for the Defects Liability Period in accordance with this clause.